Overview
- People familiar with the matter say Coinbase has entered exclusivity and begun due diligence on BVNK after a competitive process, with a potential close targeted for late 2025 or early 2026 and terms still subject to change.
- The reported price tag ranges from $1.5 billion to $2.5 billion across outlets, and some reports say the deal would be the largest to date in the stablecoin infrastructure segment if it closes.
- BVNK, founded in London in 2021, provides enterprise stablecoin and fiat payment rails with compliance tooling and has raised about $90 million from backers including Citi Ventures, Visa, Haun Ventures and Coinbase Ventures.
- Stablecoin activity accounted for roughly 20% of Coinbase’s Q3 2025 revenue through its USDC partnership with Circle, and the company has been extending stablecoin use into commerce through efforts such as Shopify integrations and a Citigroup pilot for corporate payments.
- The prospective acquisition aligns with a broader shift after the U.S. enacted the GENIUS Act governing stablecoins, which has spurred banks and payment networks to expand blockchain-based settlement, with Mastercard previously reported among parties showing interest in BVNK.